Based on key technical setups, Bitcoin (BTC) could break above $87,000 by 2025, but the BTC price is stuck at a key short-term resistance level.
Bitcoin Sets Target at $87,000
According to popular analyst Titan of Crypto’s August 29 post on X, the power law corridor predicts that Bitcoin will hit $87,000 by early 2025.
“Bitcoin $87,000 Blue Line Target. BTC appears to be consolidating and is gearing up to target the Blue Line of the Power Row corridor.”
BTC/USD, Power Law Corridor. Source: Titan of Crypto
The power law corridor measures the correlation between Bitcoin’s price and time, a method often used by long-term holders.
Other analysts are also watching for a potential breakout, including Trader Tardigrade, who wrote in an August 30 X post:
“Bitcoin has been supported by a Gaussian channel since January 2023. After leaving the lower channel, a massive uptrend ensues.”
Bitcoin, Gaussian Channel. Source: Trader Tardigrade
Gaussian channels are a technical indicator used by traders to define price trends. The upper and lower channels summarize the price movement of an asset.
relevant: Can Bitcoin Make a Green Monthly Close Above $64,300?
Bitcoin Must Overcome $59,600 Resistance
Despite optimistic long-term forecasts, Bitcoin is currently stuck at a key resistance level.
Bitcoin needs to reclaim $59,600 to gain more upside momentum, Titan of Crypto wrote in a post on August 30:
“If BTC recovers $59,600 and breaks the cloud twist, the cloud will change from resistance to support. This could trigger an upside move.”
BTC/USD, 1-day chart. Ichimoku analysis. Source: Titan of Crypto
Bitcoin price surge could be delayed until October, according to market analyst Elsa Boom.
The analyst wrote in a post to X on August 30:
“There is no sign of a breakout yet. There could be consolidation until October before a breakout. I am sure there will be a breakout in Q4, but there will be some more volatility before that!
Bitcoin Bull Flag Breaks Out in Q4. Source: Elja Boom
relevant: Ethereum Price Breakout Above $3,000 Likely to Be Delayed Until October
This article does not contain any investment advice or recommendations. All investment and trading moves involve risk, and readers should conduct their own research when making decisions.